project management glossary

tolerance

 The permitted cost and time scale limits set by the executive committee for the project or set by the project board.

tools

 A physical or notional instrument used in performing an operation as a means to an end.

top down

 The approach to a project whereby it is planned and estimated in increasing levels of detail one level at a time.

top down cost estimating

 The preparation of a cost estimate by using judgment and experience to arrive at an overall total amount, usually done by an experienced estimator or manager making a subjective comparison of the project with similar previous projects. Usually done by an experienced manager making a subjective comparison of the project to previous, smaller projects.

 The total project cost subdivided for individual activities based on historical costs and other project variables.

 The total project cost is estimated based on historical costs and other project variables and then subdivided down to individual activities. See also Parametric Cost Estimating.